Issue 27 • November 2016 • Vietnam Briefing

Issue 27 • November 2016

From Dezan Shira & Associates

Accounting and Bookkeeping

in Vietnam
P.04 Navigating VAS: A Guide to P.11 Expert Advice: Optimizing
Vietnamese Accounting Standards Bookkeeping in Foreign
Investment Projects
P.08 VAS and the IAASB:
Understanding Key Differences

1
www.vietnam-briefing.com
Introduction

Alberto Vettoretti
Managing Partner
Dezan Shira & Associates
Vietnam Offices

Managing accounting and bookkeeping in Vietnam can prove to be a time consuming

and constantly changing area of compliance, even for those well-versed in investment
within the country. Shifting regulations, changing interpretations of existing legislation,
and convergence with international norms all coalesce to form a compliance environment
with significant costs. This Month’s Cover Art
Pham Khan Than
Oil on canvas, 80 x 130 cm
Although adapting to Vietnam’s accounting framework can be a significant challenge, those
Green Palm Gallery
with up-to-date information on the country’s accounting policies and a keen attention
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to detail will find that the benefits that Vietnam can impart far outweigh its challenges. +84 97 762 7722
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understanding of Vietnam’s accounting framework prior to market entry and to maintain
robust systems of regulatory monitoring during the course of operations within the country.

In this issue of Vietnam Briefing, we outline the basic framework of accounting regulation
applied in Vietnam and provide guidance on how to ensure compliance in order to
setup and carry out operations within the country in a seamless manner. We examine
existing Vietnamese accounting standards, highlight differences between Vietnamese
Reference
and international accounting standards, and provide expert insight on compliance issues
Vietnam Briefing and related titles are
in Vietnam.
produced by Asia Briefing Ltd., a wholly
owned subsidiary of Dezan Shira Group.
Dezan Shira & Associates has a growing team of tax and accounting specialists within
Vietnam providing our clients with years of combined experience helping foreign enterprises Content is provided by Dezan Shira &
maintain compliance and to bridge the gap between Vietnamese accounting standards Associates. No liability may be accepted
for any of the contents of this publication.
and those in their home markets. For questions on conforming to Vietnamese accounting
Readers are strongly advised to seek
standards, please contact our offices in Ho Chi Minh City and Hanoi. professional advice when actively looking
to implement suggestions made within
this publication.
Kind regards,

For queries regarding the content of

this magazine, please contact:
editor@asiabriefing.com
All materials and contents
Alberto Vettoretti © 2016 Asia Briefing Ltd.

IINDIA
NDIABBRIEFING
RIEFING
www.dezshira.com www.asiabriefing.com www.aseanbriefing.com www.china-briefing.com www.india-briefing.com
 Table of Contents
7 8 9
4 5 6
1 2 3

P.04
Internati
Accountional
Standardng
s
Navigating VAS: A Guide to Vietnamese
Vietn
amense
nti g
Acconudards
Sta
IAS Accounting Standards

VAS International
Financial
Report
Standards P.08
IFRS VAS and the IAASB: Understanding Key
Differences

P.11
Expert Advice: Optimizing Bookkeeping
in Foreign Investment Projects
This Issue’s Topic
Accounting and Bookkeeping
in Vietnam

Online Resources from Vietnam Briefing Annual Subscription

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editions per year. To subscribe, please
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This publication is available as an interactive

Circular Brings Vietnamese Accounting Closer to IFRS PDF and ePublication with additional
clickable resource icons below:
Annual Audit and Compliance in Vietnam 2016
Strategic Advisory & Commentary
Tax, Accounting and Audit in Vietnam 2016 (2nd Edition)
Professional Services

Online Resources on Emerging Asia Regulatory Framework & Updates

An Introduction to Doing Business in Vietnam 2016 Legal, Tax, Accounting News

Annual Audit and Compliance in ASEAN Cross Region Comparisons

INDIA BRIEFING
Managing Your Accounting and Bookkeeping in India
Industry Studies

Managing Your Accounting and Bookkeeping in China Magazines, Guides, Reports

Podcast & Webinar

Credits
Publisher / Alberto Vettoretti
Managing Editor / Samuel Wrest Asia Briefing Ltd.,
Editors / Maxfield Vandel Brown & Alexander Chipman Koty Unit 507, 5/F, Chinachem Golden Plaza,77 Mody Road,
Contributor / George Llewellyn Jones Tsim Sha Tsui East, Kowloon, Hong Kong
Design / Kking Lu & Belén Rodríguez
Navigating VAS:
A Guide to Vietnamese
Accounting Standards
By Dezan Shira & Associates, Ho Chi Minh City
Editor: Maxfield Vandel Brown

For companies choosing to invest in foreign Evolution of accounting &

jurisdictions, taxes and other payments to governing
authorities are among the most important cost
bookkeeping in Vietnam
Parallel to a variety of efforts geared towards
considerations – issues that are of no exception in
revamping the economy through market-based
Vietnam. Understanding regulation of accounting
reforms and by attracting foreign investment, the
and bookkeeping can go a long way towards
Vietnamese government has gradually amended the
developing an efficient business strategy that
country’s accounting standards to create its current
minimizes costs and ensures compliance.
framework. Starting in 2001, Vietnam released five
packages of legislation, consisting of 26 standards
As is the case in most, if not all, countries around the
guiding required information and presentation of
world, Vietnam employs a unified set of accounting
financial material. The last of these packages was
and bookkeeping standards that guide how
released in 2005, prior to Vietnam’s accession to the
expenses and revenues of companies operating
into the World Trade Organization in 2007. Standards
within its borders must be recorded. These generally
range from general guidance on the segmentation
accepted accounting principles (GAAP), known
of financial reports to more detailed regulations on
within the country as Vietnamese Accounting
the technical subject matter such as the calculation
Standards (VAS), act as the primary set of guidelines
of contingent assets and liabilities.
on the manner in which accounts and books are
prepared and recorded.
Note: All standards used by Vietnamese authorities have
been made public and can be accessed through the
With great significance for the calculation of profits
Ministry of Finance’s website.
and valuation of certain transactions, understanding
and effectively utilizing VAS can play a significant
role in, among other things, the rate of taxation that Vietnamese Accounting
is applied to investments, duties that must be paid Standards in 2016
on exports, or qualification for specific incentives. Vietnam’s current accounting framework under
Alternatively, the failure to properly apply VAS can VAS offers a comprehensive set of guidelines that,
result in government audits, fines, and even legal while divergent from international norms, remain
action. With this in mind, it is of utmost importance cohesive and adequately sufficient to prevent
for all investors to maintain a clear understanding of uncertainty for investors in most situations. Given
time, clarification from government bodies, and
their obligation under VAS.

4
 Issue 27 • November 2016 • Vietnam Briefing

A Timeline of Vietnamese Accounting Standards (VAS)

30 DEC

DECISION 234/2003/QD-BTC

Standards
No. 05 – Investment Property
No. 07 – Investments in Associated Companies
No. 08 – Financial Information About the
Venture Capital Contributions
No. 21 – Presentation of Financial Statements
31 DEC No. 25 – Consolidated Financial Statements and
Accounting for Investments in Subsidiaries
DECISION 149/2001/QD-BTC No. 26 – Information on Related Parties

Standards
30 NOV
No. 02 – Inventories
No. 03 – Tangible Fixed Assets
17 JUN LAW NO. 88/2015/QH13 ON ACCOUNTING
No. 04 – Intangible Fixed Assets
No. 14 – Revenue and Other Income
LAW NO. 03/2003/QH11 ON ACCOUNTING • Supersedes Law on Accounting passed in 2003

2006 2007 2008 2009 2010 2011 2012 2013 2014

2001 2002 2003 2005 2015

15 FEB
31 DEC DECISION 12/2005/QD-BTC
DECISION 165/2002/QD-BTCTC
Standards
Standards No. 17 – Income Taxes
No. 01 – General Standards No. 22 – Disclosures in Financial Statements of
No. 06 – Leases Banks and Similar Financial Institutions
No. 10 – Effects of Changes in Foreign No. 23 – Events after the Balance Sheet Date
Exchange Rates No. 27 – Interim Financial Reporting
No. 15 – Construction Contracts No. 28 – Segment Reporting
No. 16 – Borrowing Costs No. 29 – Changes in Accounting Policies,
No. 24 – Cash Flow Statements Accounting Estimates and Errors

28 DEC

DECISION 100/2005/QD-BTC

Standards
No. 11 – Business Combination
No. 18 – Provisions, Contingent Assets and Liabilities
No. 19 – Insurance Contract
No. 30 – Earning Per Share

5
Vietnam Briefing • Issue 27 • November 2016
assistance from actors on the ground, investors
often find the transition to VAS a small price to
pay to tap into Vietnam’s competitive position in
Southeast Asia. Irrespective of the activities that a
company chooses to engage in within Vietnam, the
following considerations are of critical importance
and will form the basis from which assessment of
VAS can be made.
Regulatory bodies
Pursuant to Vietnam’s Law on Accounting,
passed by the National Assembly in 2003, the
Ministry of Finance has been delegated significant
responsibility for accounting regulation in Vietnam.
Under the Ministry of Finance, the Department of
Accounting and Auditing Policy has formed the
Vietnamese Accounting Standards Board (VASB)
to develop and approve standards. The three of
these bodies will be the primary points of contact
for clarifications, new issuances, and enforcement
of current standards.
Entities subject to VAS
At present, all companies that are engaged in the
following activities will be required to comply with
the general guidelines outlined under the Law on
Accounting and all VAS released by the Ministry of
Finance and related government bodies:
• Enterprises of all economic sectors, which are
established and operate under Vietnamese
laws, including wholly foreign owned enter-
prises, branches, and representative offices of
foreign enterprises operating in Vietnam;
• Individual business households and coopera-
tion groups;
• Accountants and other persons related to ac-
counting; and
• Non-business units and organizations (with
and without funding from the State budget).
Note: For representative offices of foreign enterprises
operating in Vietnam, individual business households
and cooperation groups, the government shall specify
the contents of accounting work on the basic principles
laid down in the Law on Accounting.
Organization of financial statements
Irrespective of the transactions that are conducted
by an investor, the following sections of information
6
must be presented to authorities as part of financial
reports:
• Balance Sheet;
• Income Statement;
• Cash Flow Statement; and
• Notes.
The information that is to be included under
the various sections outlined above is subject to
guidelines established under relevant VAS and
can vary significantly depending on the business
lines, transactions, and organizational structure of
a given enterprise.
Language requirements
At present, all financial reporting that is to be
prepared for and presented to Vietnamese
governmental authorities must be done in the
Vietnamese language. For those companies
with dual reporting requirements or requiring
English language versions for other reasons, it is
recommended that the time and expertise needed
to prepare separate versions be compared against
the monetary cost of outsourcing this process.
Currency requirements
All monetary values in financial statements
submitted to authorities must be presented in
Vietnamese Dong. Effective from 2017, Vietnamese
Dong may be represented by either ‘d’ or ‘VND’
so long as the abbreviation used is standardized
throughout the reporting. For those keeping
books in foreign currencies, all transactions must
be converted at the prevailing exchange rate upon
the report’s compilation.
Accounting periods
For all companies subject to regulation under
the effective accounting law, compilation of
accounting must be completed on a monthly,
quarterly, and annual basis in compliance with the
following timelines:
• Annual accounting period: 12 months (Janu-
ary 1st - December 31st)
• Quarterly accounting period: 3 months (from
the 1st of the first month of the quarter to the
last day of the last month of the quarter)
• Monthly accounting period: 1 month (from the
1st of the month to the last day of the month)

Annual finalization
Based on the accounting periods specified above,
investors and other enterprises operating in
Vietnam will be required to prepare audit and
file annual financial statements 90 days following
the close of the annual accounting period. As per
current regulation, annual finalization must be filed
with the following offices:
• The General Statistics Office;
• The Ministry of Planning and Investment; and
• Tax office at the provincial or city level.
Note: for those companies operating in export
processing zones (EPZs) or industrial zones (IZs),
financial statements may be required to be filed with
the management board of the respective EPZ or IZ.
Retention of documentation
Following annual finalization, companies will be
required to retain a variety of documents that
may arise as the result of the bookkeeping and
accounting process. The time period of retention is
tied to the nature of the documentation generated
and is broadly split into indefinite, 10-year, and
5-year periods of retention.
• 5-year retention period: required for all docu-
mentation that is used in the management and
operation of the enterprise.
• 10-year retention period: of greatest im-
portance for accounting and bookkeeping
departments, this retention period applies to
all accounting data, accounting books, financial
statements, and reports of independent audit
firms that have been prepared on behalf of the
company in question.
• Indefinite retention period: limited to docu-
ments that are deemed to be of significance to
the economics, national defense, or security of
the Vietnamese state.
Preparing for the road ahead
In 2017 and beyond, the key to successful
adaptation and compliance with accounting
standards lies in an ability to understand the
differences between VAS and National GAAP, and to
anticipate the direction of Vietnamese accounting
Issue 27 • November 2016 • Vietnam Briefing
policy in the years ahead. As per Vietnam’s
national assembly Decision No. 480/QD-TTg, which
outlines Vietnamese accounting goals for the year
2020, convergence with international standards
should be considered a significant possibility.
However, similar to the gradual adoption of current
accounting standards seen during the 2000s,
transition towards global standards is likely to be
conducted step-by-step, and therefore mandates a
clear understanding of existing accounting practice
and its divergence with international norms.
Regulatory Update: New Law on
Accounting Scheduled for 2017
Passed on November 30, 2015, the Accounting
Law of 2015 is set to become effective on January
1, 2017. This update to the Law on Accounting of
2003 will supersede its predecessor, and while
changes between the two pieces of legislation
are not substantial, the following areas of
divergence should be noted by those currently
operating or establishing within the country:
• Internal controls: under the new
accounting regime, companies operating in
Vietnam will be required to institute internal
controls with the objective of reducing risk.
Extending to specific guidelines regarding
internal audits, it will be important for
investors to assess how these mandates will
impact their operations.
• Bookkeeping: in contrast to the Law
on Accounting of 2003, those utilizing
electronic software to prepare and produce
books will no longer be required to print
and bind this output. It will, however,
be required that any and all databases
be searchable so that the retained data
outlined above can be accessed by relevant
agencies should the need arise.
• Measurement of fair value: under the
updated Accounting Law, a number of
changes are made to the way in which
the value of assets and liabilities can be
calculated. This determination of fair
value is outlined under Article 28 of the
new law and has significant relevance for
commodities and other assets that may
fluctuate significantly in value.
7
VAS and the IAASB:
Understanding Key Differences
By Dezan Shira & Associates, Hanoi
Editor: Maxfield Vandel Brown & George Llewellyn Jones
In response to compliance challenges faced by
companies attempting to conform to unique
accounting and financial reporting standards in
jurisdictions across the world, recent decades have
seen the creation of international standards and the
convergence of national GAAP through this process.
At present, the task of creating international
accounting standards is carried out by the non-
profit International Auditing and Assurance
Standards Board (IAASB) – previously known as the
International Accounting Standards Committee
(IASC). Under the leadership of the IAASB and its
members, which include top industry professionals
from across the globe, the following areas of
international standardization have been made
public and form the basis from which countries
currently converge national GAAP.
IAS (International Accounting Standards):
created under the IASC prior to the creation of the
IAASB in 2001; 41 IAS standards were issued and
are currently in use, guiding basic aspects of the
accounting and bookkeeping process.
IFRS (International Financial Repor ting
Standards): created following the establishment
of the IAASB, 14 standards are currently in existence
and guide more complex topics that extend
beyond the scope of those issued in IAS. It should
be noted that not only will all future standards of
the IAASB be issued as IFRS, but furthermore, any
overlap or contradiction will fall on the side of IFRS
rather than IAS.
8
IFRIC (International Financial Reporting
Interpretation Committee) Issuances: similar to
circulars issued in Vietnam, the IAASB clarifies IFRS
through the IFRIC, which is tasked with assessing
areas of potential conflict in existing standards.
To date, 21 IFRC clarifications have been released
and adopted – helping to keep IFRS and IAS up to
date with the latest developments in international
accounting.
For multinational corporations, adapting to
accounting standards has proven to be a significant
area of compliance as well as an operational
risk when expanding internationally. Not only
can the learning curve on standards within new
jurisdictions present risks in the short term,
but ongoing compliance with multiple sets of
accounting standards can be quite time consuming
and increase costs.
Vietnam’s adoption and
convergence with international
accounting standards
Many of Vietnam’s 26 standards on accounting
and financial reporting are sourced directly
from international standards outlined by the
International Audit and Accounting Standards
Board (IAASB).
While major components of overlap result from
Vietnam’s efforts to source regulation from
international best practice, there are a number of
areas where VAS deviate from IAS and IFRS.

Convergence with out of date standards
As mentioned previously, IAS put out by the IAASB
are updated on a regular basis and often clarified
through the issues of IFRIC. While VAS are based
on many standards currently being utilized, the
rollout of VAS in the early 2000s has meant that all
fine tuning of IAASB regulations and subsequent
issuances of IFRS have not been reflected in similar
legislative releases in Vietnam.
Ineffective implementation
In addition to failing to update VAS to reflect
the latest IFRS or IAS guidelines, there are many
instances where accounting and financial reporting
standards that have been adopted within Vietnam
simply deviate from international norms. Without a
Highlighting Divergent Reporting Requirements
To put the differences above into perspective,
in the formatting of financial statements,
presentation of cash flow, and valuation of
real estate investments between VAS and
international standards have been presented.
While far from comprehensive in their scope,
these examples showcase the critical differences
that can result from ineffective translation, lack
of adoption, or failure to effectively implement
international standards. On the following page,
a full list of Vietnamese accounting standards
and their level of convergence with international
standards is listed.
Presentation of financial statements
A complete set of financial statements based on
IAS guidelines includes the following:
• Balance Sheet;
• Income Statement;
• Cash Flow Statement;
• Statement of Changes in Equity; and
• Notes, including accounting policies.
The components of financial statements under
VAS are:
• Balance Sheet;
• Income Statement;
• Cash Flow Statement; and
• Notes.
Issue 27 • November 2016 • Vietnam Briefing
stated policy of convergence with IAASB standards,
it is likely that this will continue for some time and
will mandate that all legislation and guidance
that is issued on the part of ministerial officials be
reviewed carefully.
Translation
In addition to the areas of divergence, perhaps
the most significant area of discrepancy between
international accounting standards and those used
in Vietnam emerges from official translations of
international standards being used as a basis for
the development of national standards. Even where
direct translations are used in their entirety, the wide
range of interpretation of terms often allows for
significant deviation in the translated version.
According to VAS 21, the Statement of Changes
in Equity is enclosed in the Notes, rather than as
a primary component of the financial statement.
Cash flow statements
Under IAS 7, cash flow statements are based
on the balance sheets from the first and final
period accounting reports, and can include
some information from the ledger. IAS stipulate
that receivable accounts and trade payables
can be separated from receivable accounts and
payables on the sale of fixed assets or long-term
assets; hence, cash flow from business is distinct
from cash flow from financial investment.
Based on VAS 24, cash flow statements are taken
from the cashbook and ledger bank deposits
corresponding to the side account. VAS 24 gives
guidance on setting up cash flow statements
using the indirect method starting from pre-tax
profits plus or minus the adjustment including
differences of payables, excluding payables
related to financial investment activities.
Real estate investment
Enterprises can use the fair value model to
measure the value of real estate investment
in accordance with IAS 40, but for VAS 05, fair
value measurement is not allowed. Investment
properties must be measured at cost less
accumulated depreciation.
9
 VAS Convergence with International Reporting and Accounting Requirements
Status of VAS Substantive
IAS / IFRS VAS Equivalent
Cohesion Differences
IAS 1 (Presentation of Financial Statements) VAS 21 Out of Date Yes
IAS 2 (Inventories) VAS 2 Out of Date Yes
IAS 7 (Cash Flow) VAS 24 Out of Date No
IAS 8 (Accounting Policies, Changes in Accounting Estimated and Errors) VAS 29 Fully Implemented No
IAS 10 (Events after the Balance Sheet Date) VAS 23 Out of Date Yes
IAS 11 (Construction Contracts) VAS 15 Fully Implemented Yes
IAS 12 (Income Taxes) VAS 17 Fully Implemented Yes
IAS 14 (Segment Reporting) VAS 28 Fully Implemented No
IAS 16 (Property, Plant and Equipment) VAS 3 Out of Date Yes
IAS 17 (Leases) VAS 6 Out of Date Yes
IAS 18 (Revenue) VAS 14 Out of Date Yes
IAS 19 (Employee Benefits) No Effective VAS No Effective VAS N/A
IAS 20 (Accounting for Government Grants and Disclosure of Government
No Effective VAS No Effective VAS N/A
Assistance)
IAS 21 (The Effects of Changes in Foreign Exchange Rates) VAS 10 Out of Date Yes
IAS 23 (Borrowing Costs) VAS 16 Fully Implemented Yes
IAS 24 (Related Party Disclosures) VAS 26 Out of Date Yes
IAS 26 (Accounting and Reporting by Retirement Benefit Plans) No Effective VAS No Effective VAS N/A
IAS 27 (Consolidated and Separate Financial Statements) VAS 25 Out of Date Yes
IAS 28 (Investments in Associated Enterprises) VAS 7 Out of Date Yes
IAS 29 (Financial Reporting in Hyperinflationary Economic Conditions) No Effective VAS No Effective VAS N/A
IAS 31 (Interests in Joint Ventures) VAS 8 Out of Date Yes
IAS 32 (Financial Instruments: Presentation) No Effective VAS No Effective VAS N/A
IAS 34 (Interim Financial Reporting) VAS 27 Fully Implemented Yes
IAS 36 (Impairment of Assets) No Effective VAS No Effective VAS N/A
IAS 37 (Provisions, Contingent Liabilities, and Contingent Assets VAS 18 Fully Implemented Yes
IAS 38 (Intangible Assets) VAS 4 Out of Date Yes
IAS 39 Financial Instruments: Recognition Measurement) No Effective VAS No Effective VAS N/A
IAS 40 (Investment Property) VAS 5 Fully Implemented Yes
IAS 41 (Agriculture) No Effective VAS No Effective VAS N/A
IFRS 1 (First Time Adoption of International Financial Reporting Standards) No Effective VAS No Effective VAS N/A
IFRS 2 (Share Based Payment) No Effective VAS No Effective VAS N/A
IFRS 3 (Business Combinations) VAS 11 Fully Implemented Yes
IFRS 4 (Insurance Contracts) VAS 19 Fully Implemented Yes
IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations) No Effective VAS No Effective VAS N/A
IFRS 6 (Exploration for and Evaluation of Mineral Resources) No Effective VAS No Effective VAS N/A
IFRS 7 (Financial Instruments Disclosures) No Effective VAS No Effective VAS N/A
Note: For all IFRS issued after 2005 (IFRS 8-16), VAS currently lacks equivalent coverage. Without clear guidance on these areas of regulation, it will be
important to review the practical application of VAS with regards to any issues or areas of concern. Should questions arise, investors should seek clarification
from authorities or contact professional service firms with a clear understanding of VAS application in Vietnam.

10
 Q&A
Expert Advice: Optimizing
Bookkeeping in Foreign
Investment Projects
By Nguyen Thi Thanh Thao
Editor: Maxfield Vandel Brown
Nguyen Thi Thanh Thao
Senior Associate
Corporate Accounting Services
Dezan Shira & Associates
Hanoi Office
Professional Services
Dezan Shira & Associates can help companies understand, prepare, and comply with
the latest accounting and bookkeeping standards within Vietnam. To arrange a free
consultation, please contact us at vietnam@dezshira.com
Question: What are practical accounting concerns
that investors will face when entering Vietnam?
The most critical issues for investors to watch
will likely be the differences between reporting
standards that are outlined within a company’s
home market and those within Vietnam. While
the larger areas of difference will be fairly easy to
spot and adapt to, the smaller and subtler areas of
divergence are likely to present a compliance risk
for companies preoccupied with more pressing
concerns of establishment. In addition to the
differences between VAS and the respective GAAP
of home markets, Vietnam’s rapidly maturing
regulatory environment and stated plans to
continue its convergence with international
accounting standards present an ongoing
compliance concern.
Q: In practice, what is the most effective way to
minimize the risk of noncompliance?
At present, the most effective way to comply with
VAS is to develop a robust internal process aimed at
understanding the differences between accounting
in Vietnam and accounting within the home market
of a given investor. In addition to this, is it highly
recommended that companies regularly monitor
relevant government sources in order to stay up to
date with the latest in guidance, convergence with
IFRS, or other accounting regulated legislative action.
EXPLORE MORE
Q: Will complying with VAS inhibit the parent company’s
ability to meet standards of their national GAAP?
While compliance with VAS is mandatory for the vast
majority of companies establishing within Vietnam,
an equal if not more important consideration is in
fact compliance with GAAP in home markets. If
wholly foreign owned enterprises are established
in Vietnam, the inner workings of these assets will
be required to present some level of information to
regulatory authorities within the market where their
parent company is established. With accounting
standards differing, sometimes significantly, with
those found in more developed jurisdictions,
navigation of dual compliance requirements can
often prove difficult.
Q: How can Dezan Shira help?
With decades of experience in the region and in
Vietnam in particular, Dezan Shira and Associates
can assist companies seeking to understand VAS,
its divergence with IAS and other international
accounting standards, and the ways in which
conformity with any of these sets of standards can
be achieved. As part of this process, the seasoned
professionals working in Dezan Shira’s Hanoi and Ho
Chi Minh City offices are well positioned to complete
auditing tasks, including the completion of audit and
accounting, translation of accounting documents,
and advisory on aspects related to any of the
processes outlined above. For more information and
other inquiries related to Dezan Shira’s accounting
services please get in contact at Vietnam@dezshira.
com or visit us online at www.dezshira.com
11
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